17/03/2026
Senator Pia S. Cayetano steered the Senate’s approval on third reading of the proposed amendment to Section 148 of the National Internal Revenue Code, authorizing the President to temporarily suspend or reduce excise taxes on petroleum products in response to rising global oil prices.
Acting upon the recommendation of the Development Budget Coordination Committee (DBCC), in coordination with the Secretary of Energy, the President may exercise this authority when oil prices reach critical levels, ensuring timely relief for Filipino households affected by fuel price volatility.